CTFA Annual Report 2019

NOTES TO THE FINANCIAL STATEMENTS FIGURES IN R 2019 2018 7.2 Detail of cash and cash equivalent balances Bank balances Current account 234,008 136,120 Salaries account 7,137 3,134 Money market fund 845,916 3,139,268 48Hour Investment Account 8,663,092 - Total 9,750,153 3,278,522 Overdrawn bank balances Credit card (3,763) (3,569) Cash on hand - 561 8. Investments 8.1 Investments comprise the following balances Stanlib Cautious Fund Investments - 4,636,044 Liberty Collective Investments - 19,257 - 4,655,301 The investment was sold during the year. The proceeds were transferred to the FNB 48 hour investment account. 9. Provisions 9.1 Accounting policies Provisions are measured at the present value of the amount expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. 9.2 Provisions comprise: Leave pay provision 80,876 26,118 COSMETIC TOILETRY AND FRAGRANCE ASSOCIATION OF SOUTH AFRICA 39